May 29, 2018, 7:46 a.m. EDT

ITV, BBC explore deal to buy UKTV Stake: Telegraph

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By MarketWatch

--ITV and the BBC are exploring a deal to buy Discovery's stake in broadcaster UKTV and form a joint venture worth 1 billion pounds ($1.33 billion), the Telegraph reports.

--UKTV is currently owned by the BBC and Discovery, after the U.S. media company acquired Scripps Networks Interactive, but the British broadcaster has an option to buy out its partner by the end of next week, according to the Telegraph.

--The BBC is considering triggering the right to buy Discovery's stake, worth up to GBP500 million, and sell it to ITV, in a move to strengthen British television to compete with U.S. rivals, including Netflix, the Telegraph reports.

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